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schakowsky says there's no way a deal can be reached and if union workers don't get the health care benefits they want may walk out, this after unions are making moves across the board in business that have put certain firms out of business. we've got the debate coming up. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the internet. and you believed it? yeah. they can't put anything on the internet that isn't true. where did you hear that? [ both ] the internet. oh look. here comes my date. i met him on the internet. he's a french model. uh, bonjour. [ male announcer ] state farm. more mobile than ever. get to a better state. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investor
into law a right to work bill. lawmakers passed it today despite thousands of union workers who came to protest. we have the late ev. good evening ron. this one got pretty rowdy didn't it? >> it did indeed. but because there were two arrests as we are told. two people tried to storm into the governor's office building across the street. police were happy with how folks hafed themselves today. probably 10,000 probably a smaller group than we saw in wisconsin last year when that issue blew up in neighboring wisconsin. today i spoke to the governor who said this is not about the charges coming from the leadership. he said this is about fairness and giving workers the right to choose whether they so choose or refrain from joining a june on. here is the governor talking about this issue. >> shouldn't the juunions be putting this out and should bt the workers make the decision? so that is why i view this as pro worker and not anti-union. they are upset about how this was pushed through. a lame duck section. democrats won ten extra seats and they felt that the culture in january would be di
of the biggest unions larry. he said in western europe, they may have higher unemployment but they have less inequality. this is what the agenda is all about. in a practical way, suppose you have a successful person. he or she want to build a house. to do that you might hire 15, 20, 25 people. you got a whole army of people who would go to work. but if you get taxed, you might not guy that house. and you won't build. that is the kind of logic i'm not hearing. dow think they get that? >> they don't. i saw lincoln. remember during the debate in 2008 charlie gibson asked the then president obama why raise capital gains? he said it is about social justice and fairness. it doesn't matter that it doesn't work. what counts to these people is class and attacking this rich guy and this poor person who doesn't have much money. but the guy is on the margin of poverty. would love to go to work as a landscaper in this hypothetical home that i am describing. the guy on the margin, they would love to work like that. so, there is a connection there and i don't see why washington our friends on the democrati
it be michigan which used to call itself the worker's paradise union state is now moving towards new anti-union right-to-work legislation and it looks like it's going to pass? but first up, budget talks resume between speaker john boehner and president obama today. with just 25 days to go, let's keep tabs on where we stand. reports of a conservative backlash against speaker boehner simply not true. he has the solid support of his leadership and the rank and file. but there is concern among some in the gop that they are at risk of becoming the party for rich people while president obama and democrats stake their claim on the middle class. and my tax rate flexibility with higher -- here's what the president said earlier today. >> i'm not going to sign any package that somehow prevent prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one and that is good for the american economy. >> we look back republican senator rand paul from the state of kentucky. senator paul, welcome, as always. i want to
a government agency for huge pro-union favoritism. congressman darrell issa will join us later on. and stocks are having a fine year. we'll take a look at how it may continue. >>> but first up, the questions and grieving continue in newtown, connecticut, tonight. police say it will be months before their investigation is finished. today, the first two victims from the massacre were laid to rest. nbc's jay gray joins us now from newtown, connecticut, with the latest. good evening, jay. >> reporter: good evening to you, larry. it seems like it just gets more difficult every day here in newtown. you talked about it. two of the young victims laid to rest today. 6-year-old first graders joined by their friends, classmates and families from this community, all struggling to get through this today. and when you stop and think they have to do this 18 more times for children and then the six adults, the teachers and the staff members who gave up their lives trying to protect the children inside that school, it's the beginning of what's going to be just a heart-wrenching process for this community. and
's cliff. that's not the only outrage coming from the unions this week. we are going to discuss that next. free market capitalism, best path to prosperity. this is something they learned the hard day the american people are tired of the status quo. >> who are you going to vote for? >> definitely not this guy. >> you know your money got him elected last time. >> i didn't give that guy a dime. >> yeah, you did. our union gave him a big chunk of your dues money. hmm, it says here that cheerios helps lower cholesterol as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. breaking news now from the asian markets. japan's nikkei rising to
capital yesterday, and it's not over. why are these unions so angry about giving workers free choice? why is so much of the news media carrying the union's water by not reporting the story? we'll have some answers in just a little while. now, the market gyrated today over ben bernanke and the fed. at first they loved the new bond buying and money printing message. but then they gave up all their gains feeling unemployment may drop faster and the party would somehow be over. i'm not sure i understand this but we'll ask our experts mike, i gue i guess the idea is maybe the unemployment gets to 6.5% and the 0 interest rate goes up, why would that be bad? sometimes i don't understand the stock market at all. >> i don't think it's the employment figure. i think it's the inflation number that bernanke threw out there, larry. you also mentioned 2.5% inflation as being certainly that would look him put the brakes on. we look at treasuries relative to tips, it's a at 3.08%. i think the market is saying we might be where bernanke is talking about inflation and putting on the brakes. i think that's
-to-work state. thousands of protesters and union members converged on the capitol in lansing yesterday to object to the measure that would bar unions from requiring workers to pay membership dues and to join the union. governor snyder signed the measure into law. >> shouldn't the unionsing putting out a proposition that workers want to join a union? and shouldn't workers feel free to make that choice to say their dollars are going to the union or not based on they feel they're getting results? so that's what this is really doing. so that's why i view this as pro-worker, not anti-union. >> the right-to-work clause regarded as a big blow to organized labor which has seen membership decline across the country. down to private sector 7%. >> you think overall, isn't it, 7%? more than 50% of those work for the government. >> 7% and more than that if you go up, like -- i think it's 16% if you include -- 13 if you include public, which is -- where it is. a contentious issue. they point to what happened in indiana. you know, more jobs, better -- better economy -- >> i think the -- >> the right-to-work st
ministers will try to come to an agreement on the eu banking union, but deep revisions remain. >>> house republicans put forward their plan to cut the u.s. deficit, but the proposal is quickly dismissed by democrats and the white house. >>> and australia central bank cuts interest rates to the lowest level since the financial crisis in a bid to get ahead of sluggish commodities demand. we're on tuesday and off to a slightly, what, soft close yesterday for european stocks. right now we're pretty evenlies passed, advancers just about outpacing decliners on the stoxx 600, but not by much, 5:4 if that. so one hour into the trading session, this is where we stand. the ftse 100 just flat, a flat close yesterday. the dax was essentially fairly flat yesterday. up just ten points. the cac 40 yesterday doing a little bit better, up 0.2%. first pointing out ftse up 9 out of the last 11. we have seen yields continue to decline in spain. just 5.23%, but still capped. spain requesting financial assistance. we'll keep our eye on the uk as we head toward the bank of england meeting this week p. dollar i
are the unions here. >> he has had a lot of them across the board. >> karen is right. they have had a lot of problems. see, brian, you hear what they are saying, what this is, is very high brow, distinguished rigamarol. and knowledgeable as well. don't get me wrong. we have the best of the best here. but i could see the feds easing, europe is easing. i can see maybe profits are going to come in better. maybe we had great housing coming in today. when they are doing this toe dance, how can the market make sense of that. >> we have had the debt crisis to train us how to deal with this? you start ignoring what the politicians had to say. and that is really now traders look at it. >> i'm here to tell you, one for one doesn't work. this is going to be his biggest challenge. the racing ising of the top chae is it. republicans aren't going to like that. and the grass roots aren't going to like that. and the only people that are going to like it are the liberals and the unions. >> but this is a big problem on spending and i think that is where the president will see the deal fall apart. they are
'm sure it will. i agree with you. >>> the other story, tensions mounting in michigan as union workers are protesting a bitterly distributed right-to-work bill. nbc's rob mott now with the details. >> reporter: good day to you from the michigan state capital where we saw a lot of protesters out here protesting two measures that the house passed today that would bar unions from forcing people to join those unions as a condition of employment. sometime tomorrow governor rick schneider is expected to sign them into law make michigan the 24th right-to-work state in the country, joining a lot of others where the gop has majority in the state legislatures. now, a lot of these workers today were dismayed at the timing of all of this. this is taking place during a lame duck session of the legislature when a new body is being sworn in here, and in a month's time it's going to have a few more democrats than we saw here today, so when i sat down with the governor this afternoon i asked him why not delay this just a little bit longer, let a new body come in and give workers and people around the s
's failures. >> is this the usual stuff that the government unions pay themselves too much, their pensions are too big, their health benefits are too big and therefore they're bankrupting the city? is that the principal cause here? >> that's a major part of it. this is the culture that's been going on for 50, 60 years in detroit. you've got the big unions there that are just taking their cut of it, keep wrachratcheting it more, but you also have a culture of ineptitude in detroit. right now you have kwame kilpatrick on trial for corruption. you have monica conyers, wife of john conyers, the congressman, who is ready to get out of jail in a couple weeks for her corruption charges. this is what detroit is about. ineptitude, corruption, and big union thuggery. maybe that's redundant. >> where is mayor dave bing on this? i thought he was going to be here. i know governor snyder has tried to essentially take over detroit, but i don't think he succeeded. so where is bing on this? >> dave bing has come out and said yeah, people have an entitlement mentality. the workers in the city of detroit, he
that is his world view. what has the city of chicago be doing? >> rahm emanuel took on the teacher's union. >> he got rolled. and they've been selling assets. it's been asset sales, parking contract, not dealing with the underlying spending problems. so house republicans are determined to deal with this debt question. so when boehner comes out and gives his talk right after the election -- >> but honestly, the administration has criticized the republicans because there are no specifics in the spending cuts. >> come on, look. the erskine bowles language -- you know how this works. house republicans are will -- >> give me one. >> i won't play that game and here's why. house republicans -- house republicans are willing to sit . house republicans are willing to sit down. they're not any more anxious to deal with the cuts and pass the cuts than anybody else is but we demonstrated through the ryan budget, we did it once, we did it twice -- >> i'll give you that point. i wish everybody would stop talking about this in public and get behind closed doors and actually make this happen. i can't belie
, in the meantime, we can talk about how this banking union might work out in the long run. but my guess is it will take a long time yet before they reach an agreement on banking union because this agreement, this minimal agreement but important agreement took many hard sessions to even wrestle out a compromise like this. so i think banking union is fine. >> silvia wadhwa, thank you very much for following that for us into the wee hours of the morning. joining us for more on what this means for the market is paris annan from fidelities investment. we wake up to this news. it's significant. as you look into 2013 and you start to look at why european equities are going in general, how does thi change if at all your views? >> well, when we think about the outlook for on 2013, you could almost separate it into two outlooks. you have the outlook for the macro economy and the politics in the euro crisis and the outlook for making money in the european shares. with things likes the eu banking supervision and even the change in italian politics, what we're seeing more generally is that these eve
, about anning union, fiscal union, political union, but the absence of the market pressure is causing all of those things to be delayed and watered down. that's really what's going on. we have solved nothing. we have kicked the can. that's worth a lot, actually. that's why the markets are stabilizing. so it's a better situation than it was, but it's not solved, right? nothing has been resolved yet. >> that pretty much sums up the year. i have a feeling we'll sum up 2013, as well. straight ahead, we are going to get third quarter gdp figures out from the uk. we'll bring you those figures as soon as we're back. don't go anywhere. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express ber 22nd for christmas delivery. >>> welcome back to "worldwide exchange." a setback for negotiations between congress and the white house as house speaker john boehner's plan b fails with just ten days until the fiscal cliff deadline. markets are trading lo
to pay union dues. is this anti-union or pro business? how do you call it? >> i think it is an anti-union move. it will help businesses as well. a lot of people think it is a libertarian thing. it gets in the way of people's freedom of contract for employers to be able to say, i will only employ union workers. i can don't think these laws are a good idea. >> i'm very torn about this, john. i think requiring someone to pay fees to a union as condition of employment, that strikes me as wrong. on the other hand, my grandmother is with the internation international garment workers for three years. i think she would say, allowing people to piggyback on the gains made because you want to get out, i would v a problem with that too. i'm torn about this and i don't mean to sound wishy washi. >> i'm with you, bob. two, two, two mints in one. i think it is both anti-union and pro business. they are saying we are losing competitively to states like texas, north caroline why and virginia and others in the fights for workers. think i we all saw this coming. apple working with employers in asia to test
due to meet in a last-ditch paem attempt to agree on union supervisor. the timetable for implementing reforms are seen as main sticking points. germany's reluctance to hand over supervision of all of its banks to the ecb. france wants the central bank to have ultimate responsibility. that's not to mention demands from the u.k., sweden, and the netherlands which makes us have stuart richardson, still with us, whether the banking union thing's going to happen. if so, when? >> i think the move toward some sort of banking union is in progress here. it has been -- european, a work in progress. so it would appear that sweden was coming out of thing yesterday, the dave before -- day before, they're not backing the full union. germany wants limited banking union. >> does it matter -- how urgently do we need this in place? >> i think it's one of the key issues that needs to be resolved within the whole european project such as fiscal and political union. i think that the -- if they're going do it, they might as well do it right. as an investor, to me it's not that important for the next one or
from capitol hill. we are gathered here today to celebrate the union of tim and laura. it's amazing how appreciative people are when you tell them they could save a lot of money on their car insurance by switching to geico...they may even make you their best man. may i have the rings please? ah, helzberg diamonds. nice choice, mate. ...and now in the presence of these guests we join this loving couple. oh dear... geico. 15 minutes could save you 15% or more on car insurance. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ >>> we're going to take you to lansing, michigan, where a dramatic story is developing at this hour. thousands of union supporters have swarmed into the state cap hole there to protest a so-called right-to-work bill that was just passed by the state legi
. how the unions get in there. >> andreson was a lot more clear. >> he's great. >> great job by andrew. make sure to join us tomorrow. that's it for us. "squawk on the street" is next. >>> all right. with that, good morning. welcome to "squawk on the street." live at the nyse. we'll continue to monitor what jamie dimon does at the deal mark conference. we await the federal reserve statement, and news conference in just a few hours. as for europe, some green arrows, despite a miss in the eurozone in production this morning. >> the road map starts this morning with, of course, the fed. expectations for revamped bond buying program. what will the economic forecast say about next year and what to make of the "wall street journal" story that says academics are driving monetary policy at secret dinners in switzer land. >> more counteroffers in the debt negotiations. it looks like corporate taxes are part of the deductions. >> costco beats by 2 cents, better sales and better sales and membership fees. >> some more reports about apple tv today. the journal said it's designing a high -- new hig
for american utilities. and that's why i'm naming it my new favorite railroad. even over and above union pacific, which is always been my favorite. don't get mad at me, union pacific. i used a great union pacific calendar, but it's december. that one's off the wall. anyway -- kansas city southern also saw some exposure to the bakken shale. they found so much oil, they need to ship it via train in order to get a decent price because there's not enough pipe yet, not enough pipe laid from north dakota to the rest of the country. and the company owns half of the panama canal railway which provides ocean to ocean service along the canal. they have fantastic management. david starling was named railroader of the year for 2012. this stock is taking you for a fabulous ride. i got the idea from brian ashenberg who writes the letter for the street.com. he gave us a lot at a really low price, a lot of good ideas. brian first got buying kansas city southern a while ago. the stock's given his news letter 360% return, but the stock's only up 14% in the last 12 months. i think many of the earnings esti
're really talking about giving you the right to work for less money. >> obviously a pro union crowd there. a lot of folks from the uaw there in detroit. but the president continuing the campaign-style effort. seems to be paying political dividends at least for now by rallying public opinion on his side on the fiscal cliff. the republicans, now that the election is over don't have a single figure who can go out to do the same thing. it gives the advantage to the president in terms of the bully pulpit. we'll see how negotiations turn out in the end. >> eamon, thank you very much. as always. despite president obama's objections and protests michigan will become the 24th right to work state. that may happen tomorrow. our next guest has a sample. please stop lecturing others and get your own job done. joining us is chase bolger, michigan speaker of the house. what is president obama doing? he did this in wisconsin and got whooped. is he going to get whooped here? >> good evening, larry. he did come, weighed in and he disagrees with us. that's okay. we disagree with him. >> what's wrong with a
on boxing day. the first day of post-christmas retail sales. the union has a long-running dispute with tube management over bank holiday pay. >>> and here in the u.s., support strike could be brewing. federal mediators have called for a meeting of east and gulf coast dock workers and shippers as they try to avoid possible strike next week. talks broke down december 18. and the union's contract extension expires monday. the union represent more than 14,000 workers at more than a dozen ports from boston to houston. the key sticking point -- container royalties or payments to union workers based on the weight of cargo. >>> now back to the markets. before the break, we told you about the best performing emerging markets this year. but -- emerging markets this year. the third best performing market this year is estonia, up 36.51%. and at number two is pakistan with the karachi stock exchange 100, up 49% for 2012. and the best performing market so far this year is turkey's ise national 100 index. up 52.26% this year. now our next guest says a play in the emerging markets could be a good bet for a
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you. >>> coming up, why as many as 10,000 union workers are expected to march on the michigan capital today. if you get a chance, read the lead editorial on the "wall street journal." this might bring us some things you haven't thought about. plus, which bank has the best customer -- a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. where you stand, turn to us. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry ab
from the banking union, will be on the agenda. plus we speak to the editor of the "financial times." and find out why the paper picked draghi as their person of the year. who is going to be the next timothy geithner? president obama gets ready to unveil his next pick for treasury secretary. >>> and voters head to the polls for their first vote in egypt's constitutional referendum. we'll take a look at the possible outcomes a little later in the program. >>> welcome back to the program. greek lawmakers have submitted a long awaited bill to curb taxation. this law is further towards complying to satisfy financial critters in receipt of aid. the move comes after eu leaders reached the deal to agree on ecb banking supervision rules for the block and bailout agreements for athens. leaders are set to spar over who pays for what. sill veer ya has been braving brussels for us all week following the latest. silvia, it sounds like the old divide between north and south is still at play here. sylvia, are you with us? can you hear us? i think sylvia lost her sound there so we'll come back out
the negotiation between the trade unions and the corporate buddies to give more flexibility to the labor markets, to give the ability for corporates to adapt more quickly. it's very important that the government complies with reducing the budget deficit and reducing public spending. we have too high level of public spending. and if you reach the level of taxes is too high. so the strategy of the government should be going forward, again, to cap public spending, reduce taxes, to create a favorable environment for corporate. and let me say that france has a lot of advantages. nice infrastructure, good infrastructure, demography, people with skills, a good level of education. we can take advantage of that, even compared with our peers so let's do everything we can to -- the benefit of these positive advantages and not be -- not present people to invest in france because they might be afraid of a lack of visibility on the taxpayers or too high taxes. >> but do you think it's sending the right signal to investors when it's threatening to nationalize a factory? >> no, certainly not. these are not the
personal life or are supposed to. >> those unions don't want it. we saw the clip when this story first came up that gal on the city council said detroit delivered for barack obama in the election, he should now bring home the bacon for detroit. the unions don't want it. the media don't want it. i'm not sure if dave bing who was a great basketball player, maybe not such a hot mayor. this thing has to go under a financial control board, doc. you know that. they're incapable of governing themselves in detroit. >> the problem is, in michigan we just had a referendum on a pretty strong emergency manager law we had in place. we go back to the old one now. and it's weaker. and the one thing that it won't be able to do is renegotiate those government worker contracts. which is what we need. >> then maybe governor snyder's got to be tougher. maybe he's got to come in with executive powers, doc. i don't know the state constitution. just saying it's very clear first of all detroit may be the largest bankruptcy in the country that. may be right on its way. second of all they are not going to be bailed
averted for the time being. the so-called container cliff. the union that represents dock workers and u.s. maritime lines came to an agreement today to extend their current contract for 30 days. this is a big relief now for the retail industry and consumers who were staring at real destruction again for the supply chain. here now is jonathan gold and he's vice president of supply chain and customs policy for the national retail federation. jonathan, good to see you. >> michelle, thanks for having me tonight. >> how dramatic, how bad would it have been if come next year, in other words, in just a few days we had a strike on all of the ports on the east coast of america? >> it would have been fairly significant if we would had a shutdown on all of the ports from the east to texas and it would affect importing, exporting, manufacturers who rely on inputs to production, farmers who are trying to get their products to market overseas, trucking companies who sold jobs to pick up containers at the ports this would have been felt fairly wide throughout the u.s. economy. >> can you put a number
the european union to reverse its ban on snus-- a ban imposed in 1992, before the latest studies showing its harm reduction impact. >> thank you. >> back in indiana, r.j. reynolds is test marketing its latest generation of smokeless products, camel dissolvables-- tobacco in the shape of little brown tablets called orbs or strips or sticks that literally melt in your mouth. they pack a punch of nicotine equal to as much as two cigarettes. karla sneegas thinks r.j. reynolds is making dissolvables specifically for teenagers-- a charge the company denies. you pulled together a group of high school students to discuss orbs. what did they tell you? >> one, it looks like candy. and who is candy made for? who's attracted to candy? we are, kids. >> the students noted that camel orbs look a lot like the candy tic tacs, even have the same minty taste, and can be used to circumvent tobacco bans in schools. its frustrating, says sneegas, since smoking bans have been successful in getting people to give up cigarettes. >> more smokers do quit. they cut back drastically. >> they're shamed. >> and, you know,
the use of phthalates. the european union and at least 14 other countries have banned some phthalates in children's toys. in this country, california put into effect a total ban on the use of phthalates in toys intended for children under the age of 3. and on the national level, the environmental protection agency is working on new rules regarding phthalates that they hope to issue sometime in 2011 with the actual changes becoming law in 2012. among the possible modifications is a total ban on certain phthalates. in our next story, we'll discover why part of what makes you unique may actually belong to someone else, when 60 minutes on cnbc returns. to the best vacation spot on earth. (all) the gulf! it doesn't matter which of our great states folks visit. mississippi, alabama, louisiana or florida, they're gonna love it. shaul, your alabama hospitality is incredible. thanks, karen. love your mississippi outdoors. i vote for your florida beaches, dawn. bill, this louisiana seafood is delicious. we're having such a great year on the gulf, we've decided to put aside our rivalry. now is t
union's report suggesting that in fact the european union would have to run a surplus, given its poor demographics over the next couple of years. now let's get a quick preview of the news. for that we head to patricia, awaiting the results. what do we expect to see? >> reporter: we're expecting the second consecutive month to the upside for the business sentiment next year in germany. november was a surprise after six months to the downside. we expect december to book in a little increase again, but important is here, not only the expectation part of the index but also that we get a little more oomph as to say from the current conditions. and that is going to be the big part of the numbers. we are just starting to see it. business climate index in december is out, and it rises. here we have business climate index 102.4 in december versus an expectation of 102. slightly better unanimous expected. here the current conditions, 107.7. the consensus was 1.8. that is slightly lower than expectations when it comes with the current conditions. here the expectation side of the index is 97.9. r
of the european union seems to be going into a recession and germany entering it means 2013, first half, is going to be very difficult. chinese growth slowed significantly. i can't see where the u.s. growth will come from. exports will suffer. >> jim, we are seeing a lot of activity at the end of the year as investors and companies try to beat those higher tax rates. for example, some companies issuing special dividends because they assume tax rates will go up next year, which will they will, but you don't think it is good for toward the special dividends we are seeing. >> i'm okay if it is a dividend-paying company, like utility companies or high-yield staple stock or something. if they're going to pay a special head -- because that's why shareholders buy their company. i'm not okay with it in areas where i make an investment for companies for growth and they come up and pay me a special dividend this year. it makes me weary. if the best i can get is they will pay their cash to pay a dividend i question if they have any growth opportunities. >> what do you want to do with your money in light of
pacific northwest ports. it's been averted. the dock workers union says its workers will stay on the on job despite substandard controls. both sides are leaving the door open to further negotiations. meanti meantime, about 15 container cargo ports on the atlanta and gulf coast are bracing for a strike by nearly 15,000 union dock workers on december 30th unless shippers extend their contract. and commerce on a key stretch of the mississippi could be halted earlier than expected next week due to low water levels. this could disrupt shipment of grain and other goods and it could do it for months. shippers have been watching a street of the mississippi between st. louis and cairo. and you never know if you were pronouncing it right, some of these others like bagoda or lima, ohio, or versailles. you never know but i think it is cairo, illinois, due to concerns about potential closers.ñ >> i'm not looking at you. >> all week on cnbc we've been focusing on the prospects for 2013. sheer is sharon herson with the outlook for commodities. >> resources that come out of the ground hinge
-called container royalties that shipping companies and terminal owners share with union members. jackie deangelis is live from the port area in new jersey with more on this story. jackie? >> first came the fiscal cliff, now they're calling this the container cliff. it's a potential strike that could shut down more than a dozen ports, all the way from maine down to texas, including the port of new york in new jersey, which you can see a piece of which behind me. and negotiations broke down earlier this week and there's been no progress made in talks since then. but i want to talk about what's at stake, if the 14,000 longshoreman do walk out tomorrow night. it could have a devastating impact on the retail sector. now, the new york and new jersey port is just one port that could be impacted by this. it's the second largest port to handle manufactured goods from china. it's also the largest port on the east coast. now, last year this port handled $208 billion in cargo. we're talking about products like furniture and also apparel. in 2002, we saw a west coast port lockout. estimates suggest tha
picket lines will be back on the job later. shippers and the union agreed to federal mediation on tuesday. the clerks have been working without a contract for two years. the strike shut down ten of the port's 14 terminals, backing up several ships waiting to off load their cargo. >>> still to come, egyptian president morsi has returned to work just a short time ago after leaving the palace during protests last night. we'll have the very latest from cairo when we come back. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >>> a recap of the headlines. the fiscal fight rages on in washington as republicans try to fend off an internal divide. shanghai stocks jump after china's government plengs to support pro-growth economic reforms. chancellor osborne preparing to deliver his autumn statement. thousands of egyptians are still cam
, approval in the 27 member countries and the european union. we are submitting early next year two supplemental or sblas with the fda, we expect a plethora of data with more than 10 different trials, in fact we have more than 20 trials under way, but expecting a lot of data over the next year. and we have a full pipeline of other products, so there really is a lot of catalyst looking forward and we're very excited about how we're helping patients. >> i want you to stay in touch with us because every time, you know, you have made us money, a lot of people, it's money of the most asked about stocks on the lightning round and from the people i see on the street, so please come back when you have more data, because i think it's a very compelling story and i'm glad you came on "mad money." >> i would be delighted to. >> that's the president and ceo of seattle genetics, i know many of you follow it. i like the data, 2013, we don't know if it's going to be flat or not. we just know that mr.'s a lot coming down the pipeline with drugs that could help people a lot. [ male announcer ] citi t
to pay for the products and we have, you know, a long wait for the chocolate bar on union square and our kiosk at bryant park is doing very, very well. we're very happy with the holidays so far. >> anybody who lives in manhattan knows where you are and how long the lines can be. are people showing more of a willingness to splurge? are you sensing caution there? what is the mood? >> the mood is good. it's a holiday, festive mood. are we seeing any caution? i don't think we're seeing it in our brand but i think the economy speaks for itself and i think there is a cautionary kind of waiting to see how government deals with the economics that are on the horizon. >> speaking of which we were discussing some cocoa futures, dairy futures during the break. is this related to the fiscal cliff? what is the issue facing the industry? >> well, on the milk prices you have a producer's price of $6 a gallon versus a supported price of under $3 a gallon. if they don't continue on the fiscal cliff to solve these and bring the legislations from, you know, the 2008 legislation and the legislation from prev
, can you really count on it at this point? the union's got a pretty sweet deal, no? >> it definitely get another deal and they are very upset about it because they thought that was the letter of the law. and you can't go back and relitigate things and the people at general motors will say, listen, what's done is done. we didn't come in there and say the senior bond holders, they don't get as nice of a deal as somebody else. there are people, though, who are still upset about it. no doubt. >> phil has mentioned -- it's not like gm is out of the wood. do you expect this to be a vibrant, very successful company with great frocked? >> i think the u.s. market is starting to look more like europe in terms of how market share is -- before they were big pieces and now everybody is more equally divided. >> maybe it's not just about the u.s. they make a lot of money other places, right, phil? >> they do. china. china is huge for them and southeast asia. they're growing around the world. doesn't mean clear sailing. but it's a much healthier company than it was when it went into bankruptcy. >> m
the european union. italy and pain are seeing a bit of a sell-off. about 4.4% on italy and 5.2% for spain. i mentioned what was happening with japan. the bank of japan concluded its two-day policy meeting. for plenty more on what's happening in asia and japan, let's get straight out to diedra. >> it was a lot of buy on the rumor, sell on the stock. after the boj's decision, we did see the nikkei 225 drift downwards, about 1.2%. analysts say investors are asking what is the long-term plan for this market? it has run up nearly 16% in the last six weeks, five weeks, rather. so taking a bit of a breather and investors reassessing what long-term growth in japan is going to look like and the implications of that boj decision. the boj, of course, releasing an additional 10 trillion yen in monetary stimulus. so that's what we are looking at in japan. in korea, a different story. we had some upside. this market was closed yesterday when these indexes gained. more importantly, the presidential election, korea yesterday elected its first female president seen as market and business friendly. ta gave th
if an agreement is not reached by december 29th. cargo airlines, china, korean air and the union is striking to make sure that jobs performed by union workers stay union jobs after these workers retire. management says they don't want to do that. they call it featherbedding and claim they offered compensation packages for senior employees worth $109,000. time off for most senior people for 11 weeks and guaranteed job security. i'm hold ttold the average sala $85,000 for the clerical workers and the mayor is enraged and wants negotiations to continue around the clock until this thing is settled. back to you. >> jane, thank you very much. >>> in the meantime, do you remember the guy that said that growth in the united states would be half a percent higher due to the launch of iphone 5. now he's revising down q-4 predictions. he'll be with us next on cnbc. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than
by reducing overhead and other things like that. you've seen the unions come out and say they don't want to see any changes at all that would hurt payoffs to beneficiaries in terms of health care. that would be one of the sticking points between republicans and democrats. we would have to see more detail from boehner's office and how they plan to get to the number of $600 billion. >> broadly speaking, these numbers are similar to where they left it on the table last year during those failed negotiations for the grand bargain. these numbers are similar to the simpson/bowles reduction plan, too, aren't they? >> that's right. this sounds a lot more like where they were in the summer of 2011, as you point out, than what the president talked about last week. >> so essentially the republicans are -- the republicans are coming back with what -- where they left it last year and the president has offered what he had been saying all through the campaign this year. they're starting with this very same numbers they've been talking about all this time? >> yeah, that's exactly right. clearly what the
today to celebrate the union of tim and laura. it's amazing how appreciative people are when you tell them they could save a lot of money on their car insurance by switching to geico...they may even make you their best man. may i have the rings please? ah, helzberg diamonds. nice choice, mate. ...and now in the presence of these guests we join this loving couple. oh dear... geico. 15 minutes could save you 15% or more on car insurance. a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. ♪ welcome to the world leader in derivatives. welcome to superderivatives. >>> welcome back. want to go back to washington. over to you, john. >> just wanted to correct something i said on air and in a graphic. the republican offer the speaker made today does not include the premium support or
important the democrats to say let's unionize you and buy this message. until we -- let me finish. let me just finish -- >> i want to win 40% of them. the conversation about free markets and work and entrepreneurship is terrific. don't go on welfare, don't be dependent on government, go to work. >> but that's not what we're seeing. look at the data. you won't get 40% if they buy this idea of collectivism and socialism and this community of people polled very high for collectivism and socialism. >> i don't buy that. >> the data is clear. it's similar to what has happened in black communities. just a few percentages behind. >> i think we can't even have conservatives cannot even begin a conversation with immigrants until conservatives quit the deportation law and order harshness. then i think having put that aside, having shown there's some compassion i think you can go back to that group, george w. bush got 40%, jeb bush got close to 50%, governor perry gets a high amount. it can to be done, star. >> i'm not saying it can't to be done but you can't say that even under george bush the polic
closing bell." we are gathered here today to celebrate the union of tim and laura. it's amazing how appreciative people are when you tell them they could save a lot of money on their car insurance by switching to geico...they may even make you their best man. may i have the rings please? ah, helzberg diamonds. nice choice, mate. ...and now in the presence of these guests we join this loving couple. oh dear... geico. 15 minutes could save you 15% or more on car insurance. >>> you see the dow and s&p higher but nasdaq lower. apple almost single handedly keeping the composite in the red today. horrible day for that sock. plus, the nasdaq gets another black eye launching an ipo. seema mody has details. >> apple the big. story. shares getting close to a death cross, which is when its 50-day moving average crosses its 200-day. analysts reacting. brian marshall says apple is cheap and attractive here, but damage has been done with that recent 20% slide from its recent high. shares down about 4.7%. whitehorse finance was set to debut and ipo today. due to a human error, it was delayed. appa
the union of tim and laura. it's amazing how appreciative people are when you tell them they could save a lot of money on their car insurance by switching to geico...they may even make you their best man. may i have the rings please? ah, helzberg diamonds. nice choice, mate. ...and now in the presence of these guests we join this loving couple. oh dear... geico. 15 minutes could save you 15% or more on car insurance. group's founder it is not the fiscal cliff that's the biggest threat tho the markets right now. it's the overwhelming amount of speculation. >> he says it's crowding out long-term investment and doing damage not just to the economy and the markets but to society as a whole. he joins us now. we're always pleased to welcome back into this cnbc exclusive to talk about it, mr. jack bogle. the founder of the vanguard group, author, all those good things out there. welcome back, my friend. >> thank you, bill. thank you very much. and hi, mandy. >> hi there. >> speculation. let's talk about that and the role it has played. you know, the s.e.c. would like and some of the portions o
be wiped out. australia got rid of their death tax. even the former soviet union russia got rid of their death tax. countries around the world figure out it makes no sense to tax and tax and tax again. get rid of it. >> actually 28 out of 34 of the oecd advanced economy countries have either a wealth tax or estate tax. so factual error number one. number two, you're absolutely right. if you were to completely abolish this which nobody is talked about except dan mitchell, i guess. you'd be talking about something like half a trillion dollars of revenue lost over the next ten years. where you're going to get that from? you're going to get that from programs that help lower income people or the middle class themselves. now you're talking about literally a transfer from the top .2%. not 2%. but this tax only hits the two in 1,000 most wealthy estated. .2%. and that's because of the exemptions we were talking about. currently $5 million for an individual, $10 million for a couple. this is a rare atmosphere up there. it would be a huge hit to the deficit. >> jared, it's not your money
to address the pilots union with the view of the airline's future following its bankruptcy restructuring. the unions favor a merger with us airways that would turn management over to that airline's executives. we talked a lot about that. the u.s. home reowe potions rose to a nine-month high in november. that's according to a new figure from realty track even as the number of homes entering foreclosure process are at a six-year low. >> it did not escape all of our viewers that we were going to dance on break and then we came back with a bunch of deliverance music. that was for -- the dueling guest hosts. we already headed for dueling guest hosts. it was preproduced. and then we happened to serendipitously say we were going to do the tango on break. >> i was pushing for the fox trot. >> why can't apart? anyway "the wall street journal" says that barclays plans to eliminate as many as 2,000 jobs in its investment bank as part of the restructuring plan. the cuts are exexpected to be announced last year. barclays would be the latest to make such a deal. and we're going to go to what we asked
is becoming the 24th right-to-work state here in the country. someone here says unions are toxic for both workers and companies. we'll tell you all about it. stay with us. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks who save hundreds of dollars by switching to geico sure are happy. how happy are they jimmy? happier than antelope with night-vision goggles. nice! get happy. get geico. fifteen minutes could save you fifteen percent or more. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ look this isn't my
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